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Problem 7-61 (LO 7-4) Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $60,500. At the
Problem 7-61 (LO 7-4) Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $60,500. At the beginning of year 1, Molly has tax basis and an at-risk amount of $27,500. In year 1, Beau Geste incurs a loss of $200,500 and does not make any distributions to the partners. In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $67,500. This includes $18,200 of passive income from other passive activities. In year 2, Beau Geste earns income of $37,800. In addition, Molly contributes an additional $31,110 to Beau Geste during year 2 Molly's AGI in year 2 is $71,100 (excluding any income or loss from Beau Geste). This amount includes $15,220 in income from her other passive investments. a. Based on the above information, complete the following table: Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk Amount: Initial year 1 amount Allowed loss: End of year 1 at-risk amount Contribution for year 2 BG Income Allowed loss: End of year 2 at-risk amount Rea A1 Rea A2 Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.) At-Risk At-Risk Disallowed Year Total Loss Allowed 1 2 Req A3 Req A1 Based on the above information, complete the following table: Passive Activity LossActivity Loss Allowed Passive At-Risk Year Allowed Disallowed 2
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